Biocon shines 'silver'

Biocon is a big star today on Dalal Street.  The stock opened higher by around Rs.11 at Rs.510.35 and went on to an intra day high at Rs.514.90 and currently trades at Rs.512 levels.

The stock is up after the company stated that Silver Leaf Oak (Mauritius) is picking up a 10% stake in Syngene International, its research services subsidiary. The biggest positive here is that Syngene is valued at Rs.3800 crore and that means some huge money could have come to Biocon through this 10% stake sale. No financial details have been divulged though more enthusing was Biocon’s CMD stating that the transaction set up a new benchmark as it prepares to list Syngene on the Indian bourses soon.

Post the transaction, Biocon and Biocon Research will jointly hold 85.54% stake in Syngene.

Syngene has today emerged as one of the leading service providers globally for integrated discovery and development with a marquee client base.